Stop Chasing Employees for Receipts
You can finally slow down and stop chasing your employees! Float is putting an end to missing receipts and massive submissions at month-end.
August 3, 2022
Tired of wasting time filtering through hundreds of receipts? Or even worse, maybe you’re constantly chasing employees down for missing paperwork. We know the struggle. That’s why we’ve taken it upon ourselves to put an end to this once and for all! With Float’s Expense Policy feature, we can ensure employees submit their receipts on time every time. 🙌🏾
What do we mean by “receipt compliance”? 🧾
Receipt compliance is essentially the financial policy that ensures all employees at all levels of an organization are meeting the receipt requirements set out by their finance teams. Float’s Expense Policy feature enables receipt compliance by giving administrators the power to determine the number of missing receipts allowed in specific expense categories before a Float card is paused. ⏸️ Through this feature, admins are able define several levels of compliance to better organize and track employee purchases, while enforcing spending policies across departments.
Once a card is paused, employees will no longer be able to use it. They’ll either have to go into Float to upload the missing receipt or mark the receipt as “lost.” This feature also eliminates the typical routine of last minute receipt uploads at month-end, which often leave finance teams stressed during their busiest times. Float’s receipt compliance feature is an optimal way to keep employees on top of their spending, while giving finance teams and controllers greater visibility into spending all month long.
How to set up receipt compliance in your organization 👩🏼💻
To set up receipt compliance within Float, you’ll first want to implement your company’s expense policies via our Approval and Submission policy features. Submission Policies let you define the transaction information that employees are required to submit, like receipts and accounting codes, while Approval Policies let you assign multiple approval layers for employee spend requests within your organization.
From the “Settings” page click “Submission Policy” and create a policy around specific expense categories like travel, entertainment, or employee benefits. Select whether or not receipts are required and if you’d like to pause cards with missing receipts.
Every time you create a card going forward, you will assign a specific submission policy to the card and employees will be automatically prompted to submit receipts as soon as a purchase is made. 👍🏼
How to submit receipts to Float 🤳
Float has the simplest way to submit expenses as soon as they are made, eliminating the need for tedious expense reports and back-and-forth with the finance team.
Once a purchase is made using a Float physical or virtual card, the spender will be automatically sent a link to upload receipts and submit all the relevant purchase details.
Best of all? There’s no need to log into Float or download yet another app. Here’s how it works:
- Make a purchase on a Float card 💳
- Float will text or email a link 📧
- Upload receipts and fill in the purchase details 🤳
Our receipt compliance feature keeps both employees and finance teams on top of corporate spending – avoiding bottlenecks whether it’s monthly, quarterly or at year-end. It simplifies accounting and reconciliation and reduces your chances of lost receipts or high volumes of receipt submissions at the 11th hour. It gives employees that friendly reminder they need to upload their receipts in real time, while empowering bookkeepers to organize and tag those transactions with ease. You might say it’s a win-win! 🎉
If you’re ready to simplify your accounting processes and bring greater financial accountability into your organization, book a demo with Float today!
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